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Weekly Market Report

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With Mark Dyson, Managing Director

August 26, 2011

Market steadies, outlook cautiously optimistic

SOME confidence returned to wool auction rooms this week, with the market steadying following recent falls.

The Eastern Market Indicator finished 1 cent per kilogram higher at 1264c/kg clean. In US terms it was unchanged.

The offering was lower than previous weeks at 37,947 bales, with sales held over two days and excluding Fremantle.

The solid demand resulted in a larger clearance this week and, hence, the pass-in rate reduced to just over 12 per cent.

Good quality Merino fleeces performed better to track firm, however crossbred types continued to be the flavour of the market. Crossbred wool values have climbed by up to 5pc since the winter recess.

A larger spread of buyers competed in the market this week, with Korea making its presence felt alongside China.

Demand from Italy for finer styles also picked up despite the region continuing to be in holiday mode.

Next week’s offering is set to increase slightly to just under 43,000 bales, with the trade cautiously optimistic about the immediate future.

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